Cohort is a leading mid-tier defence manufacturer with strong market positions and a healthy pipeline. The recent pull back in the shares and more attractive valuation, present an excellent opportunity to BUY, target price 1,500p. Recent H1 results were robust, and a strong order book has been sustained, but the market reacted somewhat badly to lower margins in the Sensors and Effectors unit. We believe this underperformance is temporary, and divisional and Group margins will improve year-on-yea ....
